Peak Financial Management Inc. Grows Stock Holdings in Chevron Co. (NYSE:CVX)

Peak Financial Management Inc. lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 30.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,617 shares of the oil and gas company’s stock after purchasing an additional 381 shares during the quarter. Peak Financial Management Inc.’s holdings in Chevron were worth $241,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Addison Capital Co grew its holdings in shares of Chevron by 1.9% in the second quarter. Addison Capital Co now owns 3,339 shares of the oil and gas company’s stock valued at $525,000 after acquiring an additional 63 shares in the last quarter. NCM Capital Management LLC boosted its position in Chevron by 1.2% in the first quarter. NCM Capital Management LLC now owns 5,570 shares of the oil and gas company’s stock worth $909,000 after purchasing an additional 65 shares during the last quarter. Sweet Financial Partners LLC grew its stake in Chevron by 0.7% in the 3rd quarter. Sweet Financial Partners LLC now owns 8,761 shares of the oil and gas company’s stock valued at $1,477,000 after purchasing an additional 65 shares during the period. Strategic Investment Advisors MI increased its position in shares of Chevron by 3.8% during the 3rd quarter. Strategic Investment Advisors MI now owns 1,758 shares of the oil and gas company’s stock valued at $296,000 after purchasing an additional 65 shares during the last quarter. Finally, Alera Investment Advisors LLC boosted its holdings in shares of Chevron by 1.0% in the 3rd quarter. Alera Investment Advisors LLC now owns 6,486 shares of the oil and gas company’s stock worth $1,094,000 after buying an additional 67 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on CVX. TD Cowen cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $170.00 to $150.00 in a research note on Tuesday, January 23rd. Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research note on Monday, January 8th. Piper Sandler decreased their target price on Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research report on Thursday, March 14th. Royal Bank of Canada upped their price target on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Finally, UBS Group decreased their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Thursday, December 14th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.39.

Chevron Price Performance

NYSE:CVX traded up $1.39 during midday trading on Thursday, hitting $157.74. The company had a trading volume of 8,232,104 shares, compared to its average volume of 8,778,653. The stock’s fifty day moving average price is $151.60 and its 200-day moving average price is $152.67. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $172.88. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $292.97 billion, a PE ratio of 13.90, a P/E/G ratio of 2.38 and a beta of 1.12.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. The company had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. Chevron’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period last year, the firm posted $4.09 EPS. As a group, research analysts expect that Chevron Co. will post 13.04 earnings per share for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were issued a $1.63 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 4.13%. This is an increase from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is currently 57.39%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.